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What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
City of Pleasant Hill (All)
Sold past 1-6 months (n=173) median (med) $906,750 Days on Market (DOM)=21
Sold past 7-12 months (n=255) med $1,055,000 DOM=8
This suggests a primary (yearly) change of -14.052%.
Sold past 1-3 months (n=61) med $930,000 DOM=26
Sold past 4-6 months (n=112) med $900,000 DOM=19
This suggests a secondary (quarter to quarter) change of +3.333%.
There are 20 active listings ranging from $479,950 to $2,356,900 with a median DOM at 10 days. Range 1-107 days.
There are 21 pending listings (in contract) ranging from $305,000 to $1,799,000 with median DOM at 9 days. Range 1-111 days.
12/22 review: yearly change -7.876%; quarter-to-quarter change –6.599%. 10/27 review: yearly change -3.340%; quarter-to-quarter change -11.853%. 9/16 review: yearly change +10.526%; quarter-to-quarter change -10.835%.
So, what’s going on? This is the most common trend line with the yearly trend deteriorating and the quarter-to-quarter trend moderating. The quarter-to-quarter trend now shows as positive. I expect that the yearly trend will follow in the near term barring any surprises. This market was among the first areas where I noticed a decline after mortgage rates started to go up so, it is not surprising to see it improving now. Of course, it is still down for the year like many other East Bay markets. The quarter-to-quarter trend suggests it is starting to recover. We know there can be reversals so, we have to stay alert.
Have any other real estate questions? Want to know what is going on in a different market or sub-market? Just ask!
Appraiser legal stuff:
CA Office of Real Estate Appraisers License No. AR041451 – JamesForquer.com jamesforquer@comcast.net Data is from EBRDMLS and includes all of the City of Pleasant Hill, all MLS residential listings, effective as of 02/23/2023
Listing/Sales services provided through Coldwell Banker – Montclair 510-339-6134 Jim Forquer – CA Department of Real Estate License No. 01205407
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